Indian ADRs end mostly higher led by ICICI Bank
U.S. stocks closed modestly higher on Monday, 21 April 2014. The US market reopened after the three-day Easter weekend, but it continued to operate in holiday mode. Trading conditions which were thin, no doubt kept that way by the lack of activity out of Europe where markets remained closed for the Easter holiday.
The Dow Jones Industrial Average closed 40.71 points, or 0.3%, higher at 16,449.25. The Nasdaq Composite added 26.03 points, or 0.6%, to 4,121.55, also rising for the fifth straight session. The S&P 500 ended the day 7.04 points, or 0.4%, higher at 1,871.89, rising for five straight sessions, its longest streak since October.
The health care, energy and technology sectors led today's rally. IBM rebounded from its post-earnings lashing on Thursday to lead the Dow Jones Industrial Average. It was the only component, however, to gain at least a point.
Estimate-beating results from a number of companies on Monday boosted sentiment amid thin volumes on Wall Street.
Many European and Asian markets were closed on Monday due to the Easter holiday, which made for a more subdued trading day in the U.S. The U.S. economic data release slate was also light Monday and included the Chicago Fed national activity index and leading economic indicators.
On the economic front at Wall Street, the Leading Indicators report for March met expectations, showing a 0.8% increase that marked the third consecutive monthly increase. That was up from 0.5% in February and could be construed as an encouraging indication for future growth.
Ahead of the bell on Monday, Halliburton reported that it swung to a first-quarter profit. Revenue also improved and results beat expectations. Shares rose 3.3%. Shares of Advanced Micro Devices rose 12% to $4.12 after the company reported better-than-expected results late Thursday. After the close, Netflix shares rallied over 7% after earning topped estimates. The video streaming company added 2.25 million subscribers in the U.S., meeting its own forecast.
This week, the deluge of corporate earnings include Apple, Microsoft, Boeing and Caterpillar.
More than 4.8 billion stocks changed hands across Nasdaq and NYSE exchanges, the lowest number this year.
Bullion metals ended moderately lower on Monday, 21 April 2014 at Comex. Gold futures extended their slide to close at their lowest point in more than two weeks. Many European and Asian markets were closed Monday due to the Easter holiday, which made for a more subdued trading day in the U.S. The U.S. economic data release slate was also light Monday and included the Chicago Fed national activity index and leading economic indicators. Neither of those reports provided much impetus to the precious metals markets.
Gold for June delivery fell $5.40, or 0.4%, to settle at $1,288.50 an ounce on the Comex division of the New York Mercantile Exchange. May silver also took a hit, losing nearly 25 cents, or 1.3%, to $19.35 an ounce.
Crude oil prices edged higher on Monday, 21 April 2014 at Nymex to log their highest close in seven weeks as continued uncertainty in Ukraine and U.S. economic reports that generally support a brighter outlook for energy demand lifted prices for a third-straight session. News of refinery disruptions helped lift gasoline futures and weighed on the near-term demand prospects for oil.
Crude for May delivery tacked on 7 cents, or 0.1%, to settle at $104.37 a barrel on the New York Mercantile Exchange, with prices briefly spending time in negative territory shortly ahead of the Nymex close.
Indian ADRs closed higher on Thursday. Among banks, ICICI Bank climbed 3.01% to $44.52 per ADR and its rival HDFC Bank was up 1.29% to $40.77. In the technology space, Infosys advanced 0.57% to $52.88 while Wipro fell 0.73% to $13.61. Among others, Tata Motors rose 0.29% to $37.45 and Dr Reddy's Laboratories was unchanged at $42.15.
Tuesday's economic calendar will feature the Existing Home Sales report for March. The consensus estimate calls for existing home sales to be flat versus February at 4.60 million units.
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